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Tight supply situation

Spanish broccoli prices at highest level in over a year

The Mintec price of Spanish broccoli doubled to €2 per kg in the three months leading up to 7th April. These price hikes are largely attributed to tight supplies. Spain is Europe’s largest broccoli producer; on average, it exports between 450,000-550,000 tons of the vegetable each year.

Spain’s broccoli exports equate to more than 80% of Spain’s total production on average each year. For the 2020/21 marketing year, exportable supplies are projected to be tighter due to the occurrence of storm Filomena in January 2021.

Approximately 50% of Spanish broccoli production comes from the Region of Murcia, followed by the Ribera del Ebro and Extremadura. Filomena occurred during the second week of January 2021; it was reported to be the worst snowstorm to hit Spain in the last 50 years. The storm impacted key growing regions across Spain, as well as logistics. The impact of the storm on broccoli prices had knock-on effects across most European broccoli markets, with prices in Germany increasing by over a euro to €3 per kg, since 6th January.

The exact impact of the storm on the broccoli production is still unknown. More data is likely to come out in the coming months, however there is consensus amongst market participants that production is likely to be significantly lower year-on-year. Accordingly, the Mintec price of Spanish broccoli is projected to remain firm over the next three months.

Source: mintecglobal.com


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